Lord Abbett & CO. LLC decreased its stake in shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) by 8.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,848,914 shares of the biopharmaceutical company’s stock after selling 164,870 shares during the quarter. Lord Abbett & CO. LLC owned about 3.18% of Arena Pharmaceuticals worth $142,052,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of ARNA. CWM LLC bought a new position in Arena Pharmaceuticals during the third quarter valued at $25,000. Banque Cantonale Vaudoise bought a new position in Arena Pharmaceuticals during the third quarter valued at $37,000. HighMark Wealth Management LLC lifted its position in Arena Pharmaceuticals by 858.4% during the third quarter. HighMark Wealth Management LLC now owns 968 shares of the biopharmaceutical company’s stock valued at $72,000 after purchasing an additional 867 shares during the last quarter. Pacer Advisors Inc. bought a new position in Arena Pharmaceuticals during the third quarter valued at $128,000. Finally, Hotaling Investment Management LLC bought a new position in Arena Pharmaceuticals during the third quarter valued at $211,000. Hedge funds and other institutional investors own 89.67% of the company’s stock.
ARNA stock traded down $0.23 during trading on Tuesday, hitting $78.42. The company had a trading volume of 8,772 shares, compared to its average volume of 468,265. The firm has a market capitalization of $4.56 billion, a P/E ratio of -11.14 and a beta of 0.83. Arena Pharmaceuticals, Inc. has a 52-week low of $32.95 and a 52-week high of $90.19. The company has a 50 day simple moving average of $79.13 and a 200-day simple moving average of $74.05. The company has a quick ratio of 23.17, a current ratio of 23.17 and a debt-to-equity ratio of 0.04.
In related news, CEO Amit Munshi sold 6,517 shares of the firm’s stock in a transaction dated Tuesday, December 8th. The shares were sold at an average price of $70.00, for a total value of $456,190.00. Following the transaction, the chief executive officer now owns 7,750 shares of the company’s stock, valued at approximately $542,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Vincent Aurentz sold 2,524 shares of the firm’s stock in a transaction dated Tuesday, February 16th. The stock was sold at an average price of $85.00, for a total transaction of $214,540.00. Following the completion of the transaction, the vice president now directly owns 29,500 shares in the company, valued at approximately $2,507,500. The disclosure for this sale can be found here. Insiders sold a total of 142,745 shares of company stock worth $11,294,339 in the last ninety days. 3.05% of the stock is currently owned by insiders.
Arena Pharmaceuticals Profile
Arena Pharmaceuticals, Inc, a biopharmaceutical company, focuses on providing novel medicines with pharmacology and pharmacokinetics to patients worldwide. Its investigational clinical programs include Etrasimod (APD334) that is in Phase III clinical trial for ulcerative colitis, a Phase IIb/III clinical trial for Crohn's disease, and a Phase IIb clinical trial for atopic dermatitis; Olorinab (APD371), which is in Phase IIb clinical trial for the treatment of abdominal pain associated with irritable bowel syndrome; and APD418 that is in Phase I clinical trial for acute heart failure.
See Also: Relative Strength Index
Want to see what other hedge funds are holding ARNA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Arena Pharmaceuticals, Inc. (NASDAQ:ARNA).
Receive News & Ratings for Arena Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arena Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.